Canoe 'GO CANADA' Income Fund Announces Exercise of Over-Allotment Option and February Distribution

CALGARY, ALBERTA--(Marketwire - Feb. 11, 2011) -

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Canoe 'GO CANADA' Income Fund (the "Fund") (TSX:GCI.UN) (TSX:GCI.WT) announces the exercise of the over-allotment option and the monthly distribution for February 2011.

Exercise of Over-Allotment Option

The syndicate of agents, for the recently completed Initial Public Offering for the Fund (the "Offering"), have exercised the over-allotment option (the "Option") granted to them. Pursuant to the Option, the syndicate acquired an additional 165,000 Trust Units and 82,500 Warrants of the Fund, for gross proceeds of $1.98 million, bringing the aggregate gross proceeds for the Offering to approximately $57.2 million.

With the exercise of this Option, effective today, the previously issued Combined Units have separated into Trust Units and Warrants and trade independently of each other on the Toronto Stock Exchange under the symbols "GCI.UN" and "GCI.WT" respectively.

Distribution

Canoe also announces the February 2011 distribution of $0.06 per Trust Unit. The record date for this distribution is February 28, 2011 and the distribution payment date will be March 15, 2011. The ex-distribution date for this payment is February 24, 2011.

The Fund's objective is to deliver a consistent, high-yield, monthly cash distribution from a portfolio of equity and fixed income securities of primarily Canadian issuers that are consistent with Canoe's 'GO CANADA!' investment theme. This theme focuses on securities of companies that will take advantage of the increasing demand by emerging and developing economies for resources, assets and services provided by these Canadian issuers. At current unit prices, the Fund is providing unitholders with an annual yield of approximately 6.1%.

About the Fund

The Fund has been created to provide investors with exposure to a diversified portfolio comprised primarily of equity and fixed income securities of Canadian issuers. The Fund's portfolio is managed by Haber Trilix Advisors, LP led by Robert Haber, an awarding winning portfolio manager and former CIO of Fidelity Investments Canada.

About Canoe Financial LP

Canoe Financial is an experienced and innovative investment management firm focused on building financial wealth for Canadians. Canoe currently manages over $1.7 billion in assets through its mutual fund and closed end products. Canoe is a strong believer in Canada as a place to invest. With continued global urbanization and worldwide demand for resources and our sound fiscal structure, we believe Canada provides long-term growth potential for investors.

Canoe Financial is committed to providing exceptional client service and is a proud partner of Canada's Investment Advisor and Financial Planner network. To learn more about Canoe and to discover which Fund is right for your clients visit our website at www.canoefinancial.com.

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect Canoe Financial LP and its affiliates (the "Manager") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Investors should contact their Investment Advisor to review their investment objectives and strategies. This information is for review purposes only, and investors should consult their Investment Advisor for complete details and risk factors on specific strategies and various investment products.